Piper Sandler lowered the firm’s price target on Figma (FIG) to $70 from $85 and keeps an Overweight rating on the shares. The firm notes Figma executed well in its second quarter following the July IPO, underscored by a $10M beat to the midpoint guide that drove growth of 38% year-over-year. Strong initial adoption of Figma Make coupled with solid execution reinforces Piper’s confidence in this high-growth model. Despite near-term headwinds to margins in the initial stages of the AI product roll-out, the firm continues to see compelling upside potential from recent product releases and others in the pipeline that could support outsized growth over the next several quarters/years.
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